IIS7 - How do I update the alias after site creation

1. Change Web Application Name in Configuration

You can't actually do this thru the IIS Manager console, but what you can do is edit the C:\Windows\system32\inetsrv\config\applicationHost.config' file. Find the relatednode and update thepath` attribute.

2. Change Web Application Name in IIS

Show a list of application in IIS

C:\Windows\System32\inetsrv>appcmd list app
APP "Default Web Site/" (applicationPool:DefaultAppPool)

APP "Default Web Site/webapps" (applicationPool:DefaultAppPool)

Rename exiting app
C:\Windows\System32\inetsrv>appcmd set app "Default Web Site/webapps" -path:/myapps


Reference:
http://serverfault.com/questions/319556/iis7-how-do-i-update-the-alias-after-site-creation